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Penrose is jointly developed by Hong Leong Holdings and CDL in District 14 comprising five 18-storey towers, only a short walk to Aljunied MRT station near the Pan-Island Expressway and Kallang-Paya Lebar Expressway. The Central Business District is about 15 minutes' drive away. Click to find out more about this 'hot' condo project
The reputable Hong Leong group sold more than 60 per cent of its highly anticipated city fringe condo in Aljunied area called Penrose condominium over its launch last weekend on 26 September 2020, with the reception among buyers in line with recent data showing bullish new home sales defying the ongoing coronavirus pandemic.
Till today (1 Oct 2020), more than 380 units out of 566 in the 99-year leasehold development at Sims Drive had been taken up, said Hong Leong. The units were sold at prices starting from $788,000 for a one-bedroom apartment, $943,000 for a two-bedder, $1.33 million for a three-bedder and $2.11 million for a four-bedder, with some one bedroom condo units selling close to $1,800 psf.
The project's apartment sizes range from 474 square feet (sq ft) for a one-bedroom unit to 1,389 sq ft for a four-bedroom unit. Take-up was good across all unit types, with the selling prices working out to $1,500 to $1,700 per square foot, said Hong Leong with nearly 85 per cent of buyers being Singaporeans and permanent residents and foreigners making up the rest. Keen interest was also seen from HDB upgraders across areas islandwide.
Till today (1 Oct 2020), more than 380 units out of 566 in the 99-year leasehold development at Sims Drive had been taken up, said Hong Leong. The units were sold at prices starting from $788,000 for a one-bedroom apartment, $943,000 for a two-bedder, $1.33 million for a three-bedder and $2.11 million for a four-bedder, with some one bedroom condo units selling close to $1,800 psf.
The project's apartment sizes range from 474 square feet (sq ft) for a one-bedroom unit to 1,389 sq ft for a four-bedroom unit. Take-up was good across all unit types, with the selling prices working out to $1,500 to $1,700 per square foot, said Hong Leong with nearly 85 per cent of buyers being Singaporeans and permanent residents and foreigners making up the rest. Keen interest was also seen from HDB upgraders across areas islandwide.
CLAVON condo is developed by reputable UOL at Clementi Ave 1 only a few minutes walk to Clementi MRT and Clementi Central. Clavon is located near famous educational schools and close to Jurong CBD and Future Cross Island Line. Click to find out more about this upcoming condo project
Sales of new homes - mostly newly-launched condominiums - hit an 11-month high last month, defying the Hungry Ghost Month, and more importantly, the pandemic, the resultant recession and a surge in job losses. Real estate analysts believe the "pent-up demand" after Singapore's two-month circuit breaker upended sales and planned launches as well as buyers parking their money in property, which they see as a safe-haven asset amid an uncertain economy and volatile markets, and record-low interest rates making it seem a "good time" to get a home loan.
To promote a sustainable residential property market where prices move in line with economic fundamentals, the Singapore Government introduced a series of control measures since 2011. Among them are the Additional Buyer’s Stamp Duty (ABSD), Seller’s Stamp Duty (SSD) and the Loan-to-Value (LTV) ratio.
Huttons Asia real estate professional Kiwi Lim believe these cooling measures have effectively removed property speculators from Singapore's property market and managed Singapore's real estate prices to a realistic affordable level for upgraders and for local genuine demand.
To promote a sustainable residential property market where prices move in line with economic fundamentals, the Singapore Government introduced a series of control measures since 2011. Among them are the Additional Buyer’s Stamp Duty (ABSD), Seller’s Stamp Duty (SSD) and the Loan-to-Value (LTV) ratio.
Huttons Asia real estate professional Kiwi Lim believe these cooling measures have effectively removed property speculators from Singapore's property market and managed Singapore's real estate prices to a realistic affordable level for upgraders and for local genuine demand.
Myra Condo is an upcoming freehold condominium situated in a prime area in Meyappa Chettiar Road in Potong Pasir, District 13 only within less than 2 mins walk to Potong Pasir MRT, shopping mall, eateries & amenities. Click to find out more about this condo
With new sales regaining their momentum in recent months and the six-month ABSD extension announced by the government to help developers by giving them more time to sell their units without penalty, developers should not face much problems to sell out their units.
With developers running out of land banks for future condo project launches, it is possible that developers will start to buy land and kickstart the en bloc cycle in 2021. The last en bloc cycle started in 2016. 2021 marks the fifth year from 2016 and most, if not all developers would have sold out their units.
The last en bloc cycle started in 2016 when the uncompleted unsold units dropped to 20,000 units. As of 2Q 2020, the uncompleted unsold units stand at 27,977 units. In 1H 2020, developers have sold more than 3,800 units. July and August developer sales are expected to be more than 2,000 units in total. Even if the monthly sales for the remaining four months of 2020 slowed to 600 to 700 units, developers could be looking at selling 4,400 to 4,800 units in 2H 2020 or 8,200 to 8,700 units for 2020. If the sales momentum continues in 1H 2021, the number of uncompleted unsold units will dip below 20,000 units by 1H 2021. That is going to be a record low number of unsold units in recent years.
With developers running out of land banks for future condo project launches, it is possible that developers will start to buy land and kickstart the en bloc cycle in 2021. The last en bloc cycle started in 2016. 2021 marks the fifth year from 2016 and most, if not all developers would have sold out their units.
The last en bloc cycle started in 2016 when the uncompleted unsold units dropped to 20,000 units. As of 2Q 2020, the uncompleted unsold units stand at 27,977 units. In 1H 2020, developers have sold more than 3,800 units. July and August developer sales are expected to be more than 2,000 units in total. Even if the monthly sales for the remaining four months of 2020 slowed to 600 to 700 units, developers could be looking at selling 4,400 to 4,800 units in 2H 2020 or 8,200 to 8,700 units for 2020. If the sales momentum continues in 1H 2021, the number of uncompleted unsold units will dip below 20,000 units by 1H 2021. That is going to be a record low number of unsold units in recent years.
Extracted from news article in the print edition of The Straits Times on September 28, 2020
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